Muscat, January 20th 2016

Muscat National Development & Investment Company, ASAAS, has been awarded a new air services operator license by the Public Authority for Civil Aviation. This venture to establish Oman’s first low-cost carrier is anticipated to fuel economic growth underpinned by strong air traffic demand which is expected to grow by 40% by 2019.

Eng. Khalid bin Hilal Al Yahmadi, CEO of ASAAS, commented, “At ASAAS our aim is to become one of the main development and investment arms for the government and pension funds in the country. To that end, we have identified a portfolio of potential development projects for the next 5 to 10 years across various industries. One of the core sectors is tourism and we are adopting an integrated approach that covers its entire supply chain of which transportation plays an instrumental role as an enabler for the development of the economy in general and tourism in particular.”

He added, “The national budget airline will provide access to economical and efficient means of transport and further advance the aviation sector in Oman. It will naturally complement our diverse projects that will soon come on stream, including our real estate and entertainment projects to maximize impact and generate sustainable returns. The constant growth of the aviation sector in the region is what drove us to explore the sector and create value for Oman. ”

Established in late 2014, ASAAS’s mandate is founded on identifying new investment opportunities and intelligent solutions that meet public needs to enrich the quality of life of people in Oman. The company’s business model revolves around collaborating with different public and private sectors efforts in tourism, logistics, healthcare and education to contribute to the diversification of the national economy.

About ASAAS

Muscat National Development and Investment Company (ASAAS) was founded in 2014 through the concerted efforts of 10 key government entities. The company aims to increase the economic contributions of the non-oil and gas sectors by identifying new opportunities and intelligent solutions that meet public needs and enrich the quality of life of people in Oman.

ASAAS’ business strategies challenge the status quo by adopting a holistic approach to deliver sustainable economic returns and impactful social value through the integrated development of core sector supply chains. Over the next five to ten years, the company will be collaborating with public and private players in the areas of tourism, logistics, retail, transportation, healthcare and education to develop a diverse portfolio of projects valued at approximately OMR 1 Billion.

These will include hotels, Mixed-Use developments with residential and commercial components as well as theme parks to name but a few; all of which will contribute to the country’s diversification strategy and connect people to the national agenda. One of ASAAS’ anchor projects is Oman’s first budget airline, which is anticipated to advance the country’s tourism and aviation sectors.